Merkel says Europe needs clear intervention rights on budgetsOctober 18, 2012 - 12:11 AMT PanARMENIAN.Net - Europe needs clear intervention rights when member states' national budgets violate EU rules, German Chancellor Angela Merkel said on Thursday, Oct 18, shortly before an EU leaders summit, Reuters reported. "We have made good progress on strengthening fiscal discipline with the fiscal pact but we are of the opinion, and I speak for the whole German government on this, that we could go a step further by giving Europe real rights of intervention in national budgets," Merkel told the Bundestag lower house. She also said a proposal put forward by German Finance Minister Wolfgang Schaeuble to create a European currency commissioner was a possible way forward and that more European rights should be accompanied by a stronger European parliament. Merkel advocated the creation of a European fund to invest in specific projects in member states which she said could be funded by a financial transaction tax. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |